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With 6.3% CAGR, Security Screening Market Growth to Surpass USD 10.1 billion

08-16-2022 11:23 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets

The security screening market is estimated to be valued at USD 7.9 billion in 2022 and reach USD 10.1 billion by 2026, registering a CAGR of 6.3% between 2021 and 2026. Growing use of biometric systems in corporate offices and increasing need for security screening at transit points are facilitating the growth of the market.

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The security screening market includes major Tier I and II players like Smith Detection (UK), OSI Systems (US), Leidos (US), Thales (France), NEC (Japan)and others. These players have a strong market presence for security screening products and solutions across various countries in North America, Europe, APAC, and RoW.

Public gatherings fuel demand for security enhancement solutions

Public gatherings across the world have increased the deployment of security screening solutions. Large-scale public events are vulnerable to terrorist attacks. The use of closed-circuit television(CCTV) helps to an extent, but it does not eliminate the chances of a terrorist attack. Biometrics technology can reduce the risk because of its high accuracy and elimination of duplicity. Biometric technologies make it easy to conduct identity-based risk analysis, including validation of background checks and photo identification. Walk-through metal detectors can be used at such public gatherings to avoid any terrorist activities from taking place. Handheld metal detectors can also be used for scanning individuals

Biometric system is expected to hold the highest market share during the forecast period

Biometric systems use automated methods for verifying or recognizing the identity of a living person based on his/her physiological or behavioral characteristics that are measurable in various forms. Fingerprint scanning is a conventional biometric technology that has evolved over the years and is widely used for biometric screening purposes. Fingerprint scanners are used for travel and immigration by government agencies, homeland security, and other concerned agencies for people screening. The large market size of fingerprint scanners in the security screening market is because it is a mature and widely adopted product.

Transportation industry to hold the highest CAGR of security screening market during the forecast period

The transportation sector includes transit locations such as airports, seaports, rail stations, and bus stations. The global passenger traffic is expected to increase tremendously by 2025. A large number of passengers pass through these transit locations, and to maintain security at these sites, contraband detection systems, such as metal detectors and X-ray scanners, are used. Security screening devices are used at all airports worldwide, as a large number of individuals pass through airports every day. After the terrorist attacks in the US in 2001, airport authorities were being directed to upgrade airport security with the latest screening technology.

Baggage and cargo screening application to hold the highest CAGR of security screening market during the forecast period

The delivery of mails and parcels is witnessing a boom, especially due to the extensive growth of e-commerce. By the end of 2021, worldwide e-commerce sales are expected to reach almost USD 5 trillion, or 17.5% of all retail sales. With a lot of parcels and small packages moving around owing to the rise in e-commerce sales, parcel screening becomes critical. While convenient for consumers and companies, the huge flow of post and package deliveries to homes and businesses represents a growing security vulnerability. This vulnerability demands the screening of mails and parcels and, hence, could create a huge demand for security screening systems and solutions.

Security screening market in North America to hold the highest market share during the forecast period

There is a huge opportunity for the security screening market in the aviation security segment. The US, Canada, and Mexico are among the top 5 countries with the highest number of airports. These three countries together have 19,636 airports. This increases the need for the security of people and their belongings at airports. The need for personal security in developed countries and regions will always be high due to the high crime rate, smuggling, and threats of terrorism in such regions.

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Key players in the security screening market are OSI Systems (US), Smiths Detection (UK), Leidos (US), Thales (France), Bruker (US), NEC (Japan), Digital Barriers (UK), ADANI Systems (US), VOTI Detection (Canada), Magal Security Systems (Israel), Aware (US), Argus Global (Australia), FLIR Systems (US), and Analogic Corporation (US).

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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